UK’s cryptocurrency market remains ahead of Europe in recent months.
In just eleven months, between July 2021 and June 2022, the UK saw $233 billion transactions of cryptocurrency.
This represented the biggest seen among European countries and positions the UK as the 6th largest crypto transactor in the world.
Also, the UK is part of the Central, Northern and Western Europe (CNWE) which once again this year, beat the Chainalysis Worldwide Crypto Reception File as the world’s biggest crypto economy receiving over $1 trillion worth of cryptocurrency over the last year with the UK at its head followed by Germany, France, Spain, Portugal, and the Netherlands.
Moreover, the UK is the only country from CNWE that features in the high-income category with the United States in the adoption index of the twenty countries to dominate the global crypto economy.
Additionally, CNWE endorsed the development of Decentralised Finance (DeFi) deals, and the UK surpassed all the European countries in DeFi deals, with approximately 20 per cent of NFT and digital lending contract-associated websites in Europe coming from the UK.
The impressive expenditure on DeFi deals has been possible due to the well-established financial regulatory system in Europe.
Indeed, Europe’s crypto travel rule is designed to increase the amount of information on the source of the asset and its beneficiary and make it available for both sides of the transfer to allow for more transparency.
The rise in DeFi deals has also been a result of another regulation, the Markets in Crypto-Assets (MiCA) bill which was approved early this month and it is consisting of a comprehensive set of rules allowing clearer regulation to prevent money laundering, offer consumer protection, and environmental impact of the industry and stablecoins.
This is the perfect time for investors and start-up owners in the UK to take advantage of this booming opportunity in the crypto market and more precisely in DeFi deals.